The Central Bureau of Investigation (CBI) carried out coordinated searches related to two bank fraud cases totaling over Rs 231 crore. The first case, involving M/s R L Jewels Ltd, its directors, and public servants, resulted in a loss of Rs 103.58 crore to the State Bank of India (SBI), Mumbai due to alleged criminal activities like misappropriation and forgery.
In the second case, Canara Bank filed a complaint against M/s Ashapura Garments Ltd and its directors for a fraud amounting to Rs 128.23 crore. The accused are accused of diverting credit facilities meant for textile operations into non-industry transactions, including dealings with entities in steel, aluminium, and coal trading.
The CBI conducted searches in Maharashtra and Gujarat, focusing on residential premises of the companies’ directors and their business establishments. During the searches, investigators seized incriminating documents and digital evidence related to fund diversion and other aspects of the probe.
